There's more evidence that the U.S. housing market has hit bottom and is now beginning a slow rebound, according to Jim Haughey, chief economist for Reed Construction Data writing on www.reedconstructiondata.com.
Home prices fell 0.1% in April, according to the Federal Housing Finance Agency (FHFA) index of home purchases, Haughey reports. The index has been consistent with reported housing starts and home sales, he adds.
"This is more evidence that the national housing recession has bottomed with a gradual upturn likely in summer," Haughey asserts. However, major regional differences remain and, "the expected improvement in home prices through 2010 will be gradual compared to the expected improvement in housing starts and home sales."